Now is the time to deal with the Fiscal Cliff

[ar81]

The US has a completely unsustainable budget deficit currently that is blowing up the debt:GDP ratio at rates and levels never seen before in history except for WWII. Yet nothing is being done to deal with it, unless this gets dealt with properly then we run the risk of a real catastrophe that makes the last half a decade since the financial crisis started look like a midsummer's day. The last thing the US or the world needs is an American Greece.

Before 2020 US will be paying in interests as much as its military spending. There are 3 ways:
1.Do nothing. Goes unsustainable. Either hyperinflation or default.
2.Budget cuts. Will push more recession and unemployment.
3.Raise taxes. Either they tax the rich or they tax the poor. To tax the poor will turn US into a 3rd world nation. game over.

Ironically, CDS spread is low for US. At the beginning of 2013 US will run out of money, so the debt ceiling must be raised and more money must be printed.

2017 is too late to face reality - and it'll be a decade then since the financial crisis started in 2007. Recessions happen every 8-10 years on average so there's every possibility a new recession/crisis will start by then which will make the economy shakier and the fiscal position even worse anyway.

2008 crisis was caused by unregulated credit, plus the dangers of derivatives that infects the rest of economy.

Recessions are not a natural disaster, they are man made.